Creating plans for after you pass away can feel intimidating, but you do not have to take on this task alone. When thinking about your family’s future, it is best to consult an experienced attorney who can ensure that your wishes will be respected.
A Missouri City trusts and estates lawyer could help draft your will and other testamentary documents based on your goals for your inheritance. The legal team at Romano & Sumner can determine a personalized strategy that fits your specific needs and answer any questions you may have about end-of-life planning.
Typically, estate planning begins with the preparation of a will. This document should nominate an executor to carry out the terms of the will when the creator passes away. This person is also in charge of proving that the will is valid in a legal process known as probate.
When the will is admitted into probate, the executor will be issued a document called letters testamentary, which authorizes them to take control of the deceased’s estate. If there is no executor nominated in the will, the probate court may designate an administrator to fulfill the same role as an executor.
After submitting the will to the probate court, the executor will then need to send a notice to creditors so that debts can be prioritized and paid. Afterward, the executor will file an inventory of the assets in the estate to pay debts and distribute the remaining funds to the distributees. This process may involve liquifying the assets and moving them into an estate account to be distributed to the parties listed in the will.
A local trusts and estates attorney can help those appointed as executors in Missouri City to prepare all the necessary documents and fulfill their responsibilities. A skilled legal professional at our firm can also assist with transferring property to distributees and maximizing their inheritance.
Although a last will and testament is the most common document in estate planning, many people also choose to establish a trust. There are several types of trusts that fit different needs and circumstances, so those considering this tool should consult an attorney in their area for a full explanation of each option.
Testamentary trusts, commonly referred to as will trusts, are a useful tool for those who wish to preserve the value of their estate for loved ones. A testamentary trust appoints a trustee to manage the distribution of property and assets following the death of the trust maker. Benefits include protection from creditors, managed gifting, and flexible trustee designation.
Revocable living trusts, or just “living trusts,” have become a popular estate planning strategy for many Missouri City residents. This type of trust allows assets to be distributed without going through the probate process. Additionally, living trusts can establish plans in the event that a person becomes incapacitated.
Many individuals and families purchase life insurance coverage to prepare for unforeseen events. However, this can lead to substantial tax burdens, and many people struggle to manage the large lump sum payout associated with life insurance benefits. A knowledgeable trusts and estates attorney could explain the many benefits of an irrevocable life insurance trust, which offers tax protection and allows for the strategic distribution of assets in Missouri City.
Some people have loved ones who require care for physical or mental disabilities. Those in this situation should consult our attorneys about a Special Needs Trust. This estate planning tool can help ensure that loved ones with special needs receive the quality medical care and support they need.
Choosing the best estate planning strategy for you and your family can be difficult, especially with so many options available. Our well-practiced legal team can explain the pros and cons of each tool and help create a plan that fits your specific goals.
It is important to work with the right attorney who will take the time to listen to your family’s wishes and explain each step of the process. Contact a Missouri City trusts and estates lawyer at Romano & Sumner today to learn how we can attend to your needs.
Romano & Sumner, PLLC
